Health care stocks declined late Thursday afternoon with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each shedding 0.3%.

The iShares Biotechnology ETF (IBB) decreased 0.4%.

In corporate news, Kestra Medical Technologies (KMTS) stock jumped 30% in their debut on the Nasdaq after the company priced its IPO of 11.9 million shares at $17 apiece.

Eli Lilly's (LLY) weight-loss and diabetes drugs, Zepbound and Mounjaro, cannot be replicated by compounding pharmacies as a US federal judge upheld a decision by the US Food and Drug Administration last year, Reuters reported, citing the ruling. Eli Lilly shares 1.9%.

Novo Nordisk (NVO) Chief Executive Officer Lars Fruergaard Jorgensen said the company will feel the impact of President Donald Trump's threatened tariffs despite its investments in the US, according to media reports. Novo shares declined 3.2%.

Plus Therapeutics (PSTV) shares quadrupled after the company's Rhenium obisbemeda radiotherapy, intended to treat leptomeningeal metastases in lung cancer patients, was granted orphan drug designation by the US Food and Drug Administration.